In this research article, the researcher conducted a study to know the financial performance evaluation of select private sector health insurance companies in India using CARAMEL model. The secondary source of information collected from the annual reports of health insurance companies. Using descriptive statistics, like mean, standard deviation and ANOVA, the data were analysed and the results were presented in tables. The findings of the results show that the companies which are stood first rank are RHICL for the ratios: (i) Net premium to capital, (ii) net premium to gross premium, (iii) expense ratio and (iv) return to equity ratio; STAR Health Insurance Company for the ratios (i) capital to total assets, (ii) operating expenses to net premium, (iii) combined ratio and (iv) current assets to current liabilities; APOLLO for the ratios: (i) equity to total assets ratio, (ii) real estates + debtors to total assets ratio, (iii) net tech reserves to average claims paid ratio and (iv) loss ratio; and MBHICL for investment income ratio. The ANOVA results shows that there is a significant difference in net premium to capital ratio, equities to total assets ratio, real estates + debtors ratio, net technical reserves to average claims ratio, loss ratio, return on equity ratio and current assets to current liabilities ratio, and no significant difference was found for other ratios.